Major International Insurance Groups create Blockchain Startup

Several major insurance companies have established a new blockchain startup called B3i AG based in Zurich. This was announced on Monday, March 26.

The primary goal of the new start-up is to set-up a blockchain trading system for value addition in the blockchain industry. The B3i system and its accompanying services are supported by major insurance companies in Aegon based in Munich, Germany and Zurick Allianz based in Zurich, Switzerland.

Although, as of now the ongoing research is mainly focused on the pilot project to study the possible use of Blockchain Technology in the insurance industry. The result of the findings would then be applied to an existing blockchain transaction system.

In the press release made by the consortium, “the previous pilot project by B3i for the international insurance coverage for natural disasters involved all in all 38 insurance companies and brokers.” According to the release, the B3i system is not the first time the insurance industry would utilize blockchain technology. Companies such as Deloitte and a group of other insurers had also successfully tried using the Blockchain for their customer management. World’s leading freight company Maersk, along with Microsoft, Ernst & Young and a number of insurers, completed a 20-week trial on Blockchain data management for cargo insurance.

Other major tech companies like Microsoft, IBM, and Amazon have also focused their attention on the blockchain technology. World number one tech company Google is looking to use blockchain technology for its cloud business. The company is working on a range of crypto-related technologies to power its online services.

Similarly, A Chinese-based research institute called Banknote Blockchain Technology Research has unveiled a Blockchain-as-a-Service (BaaS) platform called the Blockchain Registration Open Platform (BROP) for tracking supply chain and customer’s identity.

Salomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.